I have no doubt that you can save about 50% of the cost by doing the installation yourself.
However, as a long-time owner of rental units, I see two problems:
1. Doing almost any major work on a rented unit, with a tenant in it, as a do-it-yourself project is just not feasible. You are going to disrupt the tenant's use of the space for a long time, the tenant will probably object, and he will be right. A contractor is going to be in and out in a few days. Unless you have a very experienced helper, you are going to take a lot longer.
2. If you allow the tenant(s) to see the work in progress, that work will be inspected every day by the tenant and you may be accused of cutting corners and not doing a good job on the install.
Unless the tenant is a relative, I would wait until the apartment is vacant and do the work before re-renting it.
Also, I would consider the total costs of a d-i-y install over a contracted one. With a rented unit, there will be both loss of rental income and loss of tax benefits, to throw into the equation.
With the economy the way it is, you can probably find an independent installer willing to work for a lot less than a heating business. This may well be the the overall lowest cost solution.
Totally agree, and since I am the owner I want to see it done correctly the second time for my personal home. It cost quite a bit more, but think it was worth it in the long run. New ac unit, air handler (blower & tin) heat etc..and with a 7 day/ 365 guarentee to do repairs for ten years within 2 hrs.. I will see.